Deferred Compensation Plan For Self Employed In Clark
Category:
State:
Multi-State
County:
Clark
Control #:
US-00418BG
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Word;
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Description
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which the income is actually earned. A Deferred Compensation Agreement is a contractual agreement in which an employee (or independent contractor) agrees to be paid in a future year for services rendered. Deferred compensation payments generally commence upon termination of employment (e.g., retirement) or death or disability before retirement. These agreements are often geared toward anticipated retirement in order to provide cash payments to the retiree and to defer taxation to a year when the recipient is in a lower bracket. Although the employer's contractual obligation to pay the deferred compensation is typically unsecured, the obligation still constitutes a contractual promise.
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The Plan offers you an opportunity to defer the payment of. Federal and New York State income taxes on your Plan account until as late as April 1 of the year.The Plan offers you an opportunity to defer benefit payments until as late as age 70½ or as long as you're still working. The New York State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and employees of participating employers. 3. Welcome to the award winning City of New York Deferred Compensation Plan! A nonqualified deferred compensation plan can reduce your taxable income, but there are risks to consider. Deferred compensation plans allow the participant to defer income today and withdraw it at some point in the future (usually upon retirement)